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Sec. 2-129.18. Responsibilities of the Audit Committee.

There is hereby established in and for the city an audit committee. The audit committee shall provide oversight of the internal audit activities and shall perform the following duties:

(a) recommend selection of the external auditor;

(b) participate in the external audit through the review of significant operational or reporting issues affecting the financial statements which were discussed by management and the external auditor, review of auditor performance, and meeting with external auditor to discuss pertinent matters;